{ "media_type": "text", "post_content": "17 years in 850 in production 12 years to go. Never lost a client in a cfp conversation. I make educating myself a priority. Any reason whatsoever I should put myself through the cfp process?", "post_id": "5a0d98d63e513000199183d8", "reply_count": 46, "vote_count": 5, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

17 years in 850 in production 12 years to go. Never lost a client in a cfp conversation. I make educating myself a priority. Any reason whatsoever I should put myself through the cfp process?

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Anyone that thinks a CFA is worth anything as an advisor doesn’t understand the role of an FA. I think CFA is by far the hardest to get and by far the most respected in the industry. But you aren’t an advisor. You are an analyst. Which is a totally different job than what an advisor does. I spend 3 hours total (at least) for each appointment I have with a client. Try to at least have 2 meetings a year for my 350 clients. That is 2100 hours a year just on prep and meeting times. I would certainly hire a CFA, but not to meet with clients. To do what they are trained to do. Research and make investment choices for the firms clients. They are very important but they aren’t client facing, nor should they be.

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Jersey... I get it. You were some kind of engineer or some kind of biology major. You either didn’t do well on a MCAT or realized that an engineer needs to do an apprenticeship and thought you would succeed in finance. We get it, we all get it. You probably drop terms like “delta” or speak about bollinger bands in cocktail parties. The problem with you, and inevitably your clients, is you have no real idea what a financial advisors role is. Sure, we could all spend time reading charts and deciding on a 20 day moving average would work well for a portfolio. But in the real world, we all have real clients with real goals and issues. While you were probably studying some “new” theory in global economics, some of us were actually on the trading desks of some of the largest firms. Trading on the options desk, the fixed income, and active trader desks. During 08-09, while guys like you were thinking of new ways to change portfolios, guys like me were working 80 hours a week taking (literally) people off ledges. Being evacuated every other week for bomb threats. All your letters behind your name, and all of your talk about educating yourself, is laughable when you don’t even understand your role. Go open a money manger firm, like SEI. Because you aren’t “advising” anyone. I won’t use you because I do manage my firms models. The difference is, I actually know what I’m doing and it isn’t based on some case study but actual real life experience. It has nothing to do with sales. You should spend more time looking at behavioral finance and why people do what they do. That would help your clients far more than being able to read a candlestick chart. So keep being condescending to people who know far more than you or maybe use these threads as an opportunity to learn something. The choice is yours.

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Many HNW clients seek that when looking for advisors online. You may be losing potential new clients without knowing it. I have it, have 15 years in the biz, 800k production. Two or three times a year I land someone largely because of those three letters. I am probably the dumbest CFP I know, too.😀

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Letters by your name

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Very funny VP!!! Credibility?!?! Brokercheck bring credibility. How many CFPs have hits on their U4s? I know of several in my area that have thefts on their U4 and are CFPs. I actually have got several clients just by bringing up their CFP U4. It is laughable to even compare a MD to a CFP. One takes 8 years, the other can be done in a couple of weeks. One has a strict board of ethics that can pull your license from doing work. The other has people on the board that aren’t even in the field and have zero power to do anything to one practice other than take away some letters. Comparing the AMA or Bar to the CFP would be fine if they didn’t have so many criminals with the designation. Seriously, the only people that need a CFP today are 20 something’s. And that is so someone outside their family and friends will give them a chance. All of the designations our there are for advertising. Not one is better than another (for actually knowledge) and I would venture a MBA would be better letters than a CFP.

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I did the cfp this year. I did it more for personal improvement than for marketing. Yeah it takes time but I learned a lot when it came to insurance, Medicare, taxes, estate planning and stuff on the periphery of our day to day role. You won't learn Investment or retirement planning strategies you don't already know. I work in a rural area where there's not a ton of high net worth people so not many know what it is. But at jones they'll pay for it so why not?

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Can’t argue with a designation that is undeniably reputable. These comments are similar to those that argue whether or not a bachelors degree is worthwhile. For some it is necessary, for others it isn’t. CFP is a educational opportunity - you define whether or not it is worth it. Some clients deem it necessary, most don’t care.

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CFP is mostly a marketing ploy

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Yes, by all means, cut all the corners you can in your educational growth, your clients are lucky to have you.

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Been there done that. Absolutely not! What a ripoff! I️ enjoyed the material it was very helpful but the test was a ridiculous representation of the material and I️ have 6 other licenses

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Are CFPs suposed to be Fiduciaries? If so does a CFP in a warehouse hold out to be a Fiduciary? How is that possible?

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@mp agreed, to some extent. I didn't mean to imply MD (and 8 years) is the equivalent of CFP. I just meant it's an attempt to bring credibility to a profession. That said, a quick google search will show there are just as many doctors charged with fraud and misdeeds as there are advisors and brokers. There is no "brokercheck" for doctors. Fraud is a heart thing, not exclusive to any profession, IMO.

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I have 15 years and never had a problem with not having a CFP. I did start to get it about 5 years ago. Went through the first 3 “classes” and realized it was just a money grab. The info wasn’t helpful at all. That being said, I do think they are great for advertising and it cost money for them to put those commercials on the golf network. But just understand what it is, it’s just advertising letters. With your experience, you won’t learn anything.

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Just realize that, like people search for doctors online and they search for MD's, some people search online for CFP's and you won't hit their radar if you aren't one. All of the other designations (with the exception of ChFC, perhaps) are garbage waist-of-time marketing gimmicks. The CFP designation brings credibility to the profession, much like MD does to the medical field. Can you imagine a doctor having a "five start medial professional" or "accredited toenail management specialist" in his marketing material? Me neither.

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VP, I was using theft as the core of what we do. A Dr. equivalent would be like actually doing medical harm, IMO. I agree they are presenting it as a way to give credibility, but until they start taking their own rules more serious, I can’t take the letters serious. I personally think the CFP is Fantastic for advertising (yourself) but, to me, that’s it. I agree with you that people will search for only CFP. Those same people will also search for independents. Or only want a Merrill/Morgan guy. That’s fine. There is a ton of money out there and I have built 3 books and now a firm on not using the letters. But if I was 25 again, you bet your ass I would get it.

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Well I'd say it's not something you use every day. But if a client asks about insurance or estate planning I feel a lot more confident. Obviously we don't provide estate planning advice but at least know what direction to point them in to get the answer. Also I was able to use the info I'd learned immediately to get a doctor's account because I was able to provide them better information on their sep account than their cpa could.

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Just partner with a CFP and white label their service if a client really needs it

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CFA, only way to go

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Keep up what you are doing. If it’s a goal of yours go for I️t. If not, you’ll be fine.

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Cfps as of now are not required to be a fiduciary but there is a proposal to their board of standards to make them fiduciaries. If so we would probably not be able to use the designation

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